On July 25th, COSCO Shipping Corporation Limited (COSCO Shipping) signed a Memorandum of Understanding (MoU) with Fortescue Ltd, a global leader in green technology, energy, and metals, in Shanghai. The partnership aims to leverage each company's technological and resource strengths to create a green fuel supply chain, revolutionizing the energy structure of the shipping industry and driving sustainable development.
The MoU outlines the collaboration between COSCO Shipping and Fortescue to develop emission-reducing technologies and establish a green fuel supply chain. This includes exploring the construction and deployment of COSCO Shipping vessels powered by green ammonia, or jointly owned vessels, to transport iron ore and other minerals, thereby reducing the carbon footprint of the China-Australia green shipping corridor.
Dino Otranto, CEO of Fortescue Metals, and Lin Ji, Deputy General Manager of COSCO Shipping, attended the signing ceremony, marking a new milestone in the deepening and expansion of their existing cooperation in China-Australia bulk cargo transportation.
Fortescue highlighted that the shipping industry plays a crucial role in global trade. This partnership represents a significant step forward in decarbonization and establishing a green fuel supply chain, paving the way for various decarbonization solutions essential for achieving their ambitious goal of net-zero emissions by 2040.
COSCO Shipping emphasized that green and low-carbon development is becoming a new trend in driving sustainable growth in the shipping industry. The company is committed to making green and low-carbon one of its key development paths, increasing collaboration with global partners to create an intelligent, green, open, shared, and secure industry ecosystem.
COSCO Shipping reiterated that green development is the foundation of high-quality development. The company will continue to accelerate the global supply chain's green and low-carbon transformation, linking green ships, green shipping, and green ports to build a marine new energy industry chain, providing green shipping solutions, and promoting the full lifecycle green and low-carbon sustainable development of the shipping industry.
by Xinde Marine News Chen Yang
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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